Performance Perspectives Newsletter

with David Spaulding, DPS, CIPM

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Current Issue

Performance Perspectives – July 2024

Revisiting Financial Stewardship Article: The Importance of Keeping Asset Owners Fully Funded

In 2012, Stephen Campisi and I penned an article for The Journal of Performance Measurement titled “Getting to the Heart of Investing: Financial Stewardship That Meets Client Objectives.” The article emphasizes the crucial role of performance professionals as fiduciaries and highlights their responsibility to act in the best interest of their clients. We critique the narrow focus on individual investment products and benchmarks and advocate for a broader perspective that considers the overall portfolio and client goals. The article underscores the importance of loyalty, prudence, and diligence in financial stewardship, urging professionals to prioritize client objectives over mere performance metrics. We also discuss the pension crisis, advocating for a Liability Driven Investment (LDI) approach along with Cash Flow Matching (CFM) to align assets with liabilities, thus reducing risks and ensuring long-term financial stability.

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Recent Issues

Performance Perspectives – January 2022

Getting Back to it; Accepting Things Perhaps We Shouldn’t; Composite Returns; Aggregate Method; Accruing fees; error Correction; Distributing GIPS Composite Reports; Asset Weighted Standard Deviation; 2022 training and events calendar

read more

Performance Perspectives – December 2003

Is stock level attribution all it’s cracked up to be?

In life, there seem to be some universal or de facto “truths,” if you will, that few seem willing challenge; and when people do, they are sometimes ridiculed.

read more

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Newsletter Archives

Archive 2022 – Performance Perspectives Newsletter

December

Things we find confusing…Sub-portfolio returns;What time-weighting means; The SEC marketing rule and attribution; 2023 Performance and Attribution Event Calendar

November

Books we wish we had read sooner; 2023 Performance and Attribution Event Calendar

October

SEC marketing rule – we’re down to just a few days; Performance Measurement Networking Groups – Fall Calendar; 2022 Performance and Attribution Training Calendar

September

When you think about it, what does the asset owner’s overall Time-weighted return mean?; Broker / Dealer Performance Measurement Networking Group; 2022 training and events calendar

August

Is it really best practice?; Broker / Dealer Performance Measurement Networking Group; 2022 training and events calendar

July

To what precision should your returns be reported?; 2022 training and events calendar

June

Why we don’t report performance this way; 2022 training and events calendar

May

SEC’s new marketing rules; Portability of performance; Do I have to go to ten years?; Attribution: Net and gross? What about risk?; 2022 training and events calendar

April

Time-weighted Rates of Return Ranked (Best to Worst); 2022 training and events calendar

March

What software vendors need to do in response to the new SEC marketing rules ; 2022 training and events calendar

February

Confronting ambiguities (Part I of a TBD number); Ah, my beloved CIPM®; 2022 training and events calendar

January

Getting Back to it; Accepting Things Perhaps We Shouldn’t; Composite Returns; Aggregate Method; Accruing fees; error Correction; Distributing GIPS Composite Reports; Asset Weighted Standard Deviation; 2022 training and events calendar

Archive 2020 – Performance Perspectives Newsletter

November

Not the year we planned for or anticipated; Householding accounts; The Barnette ratio; Upcoming Articles; 2021 training and events calendar

March

What a Hiatus; Net-of-Fee Returns…Challenges Aplenty; In-house Developed Return Methodologies; Mini-PMAR; Puzzle time; 2020 training and events calendar

Archive 2019 – Performance Perspectives Newsletter

October

The Start of 17 Years!; A 2020 GIPS Road Show; Private Equity Evaluations; On Net-of-Fee Returns Puzzle time; 2020 GIPS Standards Workshop; 2019 training and events calendar

September

Don’t Panic!; 2020 GIPS Standards: Clarity on Adoption Requirements; Early adoption of 2020 GIPS Standards: Should You?; Annualization of Returns; Puzzle time; 2019 training and events calendar

July

What Happened?; The 2020 GIPS Standards Have Arrived!; Early Adoption: what Does it Mean?; Puzzle time; 2019 training and events calendar

February

Estimated transaction costs: Why and how to; Puzzle time; 2019 training and events calendar

January

 Happy New Year!; Rethinking benchmark criteria: Why we’ve gotten it wrong and what really matters;  Market indexes, Licensing limits; Puzzle time; 2019 training and events calendar

Archive 2018 – Performance Perspectives Newsletter

December

Benchmark blends: What to know; What’s not missing from PMAR XVII?; GIPS 2020 or 2020 GIPS Standards; 2020 GIPS Verification Exposure Draft; Puzzle Time; Training and events calendar

October

GIPS 2020 Exposure draft…reviewed and commented on; Puzzle Time; Training and events calendar

September

So much going on, so little time; Rebalancing benchmarks – when to; career path in performance; Puzzle Time; Training and events calendar

July

It’s Summer so let’s not say too much…; Looking at standard deviation from a different perspective; From our readers; Puzzle Time; Training and events calendar

June

Why we don’t care about the length of the time period when linking returns; Puzzle Time; deciphering misconceptions about GIPS® compliance; 2018 training and events calendar

May

Should the CIPM Program be Testing a Candidate’s Analytical Skills?; What’s the macro structure of your performance measurement organization; PMAR 25; Puzzle Time; 2018 training and events calendar

April

Enhancing your GIPS P&P; Preparing for your GIPS verifications; Outstanding women in performance and risk measurement; How to pass the CIPM; Puzzle Time; 2018 training and events calendar

March

 A puzzle of a different sort; Women in Performance & Risk Measurement award; Puzzle time; Bacon vs Spaulding now a pay per view event; 2018 training and events calendar

February

 2018: Year of the Asset Owner; GIPS P&P Contest winners;  Women in Performance & Risk Measurement awards; Puzzle time; Book review: The Invasion of Canada; Bacon vs Spaulding; 2018 training and events calendar

January

 Why the Handcuffs?; Growing tired of the fabled benchmark criteria;  Puzzle time; Book review: The Invasion of Canada; Bacon vs Spaulding; 2018 training and events calendar

Archive 2017 – Performance Perspectives Newsletter

December

A bit thin this month; An idea for employee retention; CIPM practice survey announcement; Book Review: How to Read and Why; Puzzle time; 2018 events

November

Recollections of a fun workshop “Down Under”; A better understanding of risk; I like to tweet; Long awaited attribution book; Puzzle time; 2017 events

September

Trying to keep up with GIPS: verifier independence; Puzzle time; Consulting in Sydney; Hurricane relief event; 2017 events; Never stop learning

August

Is midday or intraday cash flow treatment acceptable?; Book review: Ike and Dick; Keeping up with GIPS webinar; Puzzle time; 2017 events

 July

Holding on for dear life; Quotation; Best practices for assessing a pension fund’s performance; GIPS® is pouring it on!; Puzzle time; 2017 events

June

Making sense out of the asset owners’ composite return; More from GIPS; Puzzle time; 2017 events

May

What happened to April?; Non-GIPS Verifications…An option for many!; book review: Prince Charles; GIPS Compliant? What do you show for new strategies?; GIPS 20/20 consultation paper released; Puzzle time; 2017 events

March

Timing is everything; An advisory fee conundrum; Travel tip; Puzzle time; 2017 events

February

Making sense out of the 36-month, ex-post, annualized standard deviation; Book review: The reporter who knew too much; GIPS XXX; Puzzle time; 2017 events

January

Converting a quarterly return into monthlies; New proposed GIPS statement to review; PMAR 2017: The wizards of performance measurement; Puzzle time; 2017 events calendar

Archive 2016 – Performance Perspectives Newsletter

December

The Mystery of Excess Returns; The 75th Meeting of the Performance Measurement Forum; Puzzle Time; Event and Training Calendar

November

More on IRR; Expanded Role for IRR in GIPS; Puzzle Time; Event and Training Calendar

October

First Principles of performance measurement; GIPS Prep; Puzzle time; Event and Training calendar

August / September

A Fundamental rule of contribution (absolute attribution); Book review: “One Righteous Man”; Brief recap: GIPS annual conference; Puzzle time; Training updates

July

Is Information Ratio a risk-Adjusted Return?; On Achievement; Residuals and Geometric attribution; Book review: Towards an imperfect union; CIPM Program survey; Performance Measurement Boot Camp; Puzzle time

June

What happened to March, April & May?; New Guidance Statement; Risk-adjusted performance attribution; Jack Treynor; Inconsistency in rates of return; Puzzle time

January / February

NEW GIPS Guidance Statement; The Dynamics of Investment Performance and Risk Measurement; Performance Measurement…Not Everyone Does Get Right; GIPS Tips; Puzzle time; 2016 events Announced

Archive 2015 – Performance Perspectives Newsletter

November / December 2015

Does it pay to have software certified?; A tip to overcome jetlag; Puzzle time; 2016 events Announced

October

Making sense of compounding; Puzzle time; Reader comments; Tips to keep your advertisements out of trouble from IA Watch

September

Store more, calculate less – Clarifying a few unclear points about the Internal Rate of Return; Congratulations CFA Institute on the 10th Anniversary of the CIPM program; So, What happened at the GIPS annual conference?; Puzzle time; upcoming events

August

Is it time to replace the term “discretionary?”; What do we agree on? As it turns out, not much; Puzzle time; upcoming events

July

Opinion is not knowledge; Automating our verification practice; TSG Reaches a milestone: 25 Years!; Puzzle time; Upcoming events; Letter to clients and friends

May / June

Crossing the Gap…How?; Puzzle time; Upcoming events and articles

April

Structuralism and GIPS; BI-SAM Webinar: Panel Discussion; Rimes Data Governance Conference; Puzzle time; Upcoming events

February / March

A bit more about time-weighting and money-weighting; Book Review; Puzzle time; Clients’ Corner: Laura Soehl; Upcoming Training and Conferences

January

A record setting event of epic proportions; Dispersion…are we calculating it correctly; Puzzle time;

ACQ Award 2014 for top US GIPS Consulting Firm; 2015 events and training calendar

Archive 2014 – Performance Perspectives Newsletter

December
The Cost of Benchmark Data – Things You Need To Know; Buy-Side Survey; Puzzle Time; Behind the Scenes at TSG: Steve Sobhi; Upcoming Trainings and Conferences

November
CIPM Reaches and Surpasses Milestone; TSG Receives Two Wealth and Money Management Awards; Nasdaq Closing Bell Ceremony; GIPS For Asset Owners Webinar; Performance and Risk Measurement Library; Bloomberg Radio Interview; Buy-Side Survey; Puzzle Time; Behind the Scenes at TSG: Susan Kneller; Upcoming Trainings and Conferences

October
Performance measurement books…just when you thought it was safe to stop collecting; Is it arithmetic vs. geometric attribution that we care about?; Puzzle time; Behind the scenes at TSG:Douglas Spaulding; CIPM Survey; Upcoming training and conferences

September
The start of a new year; The confusing ways of off benchmark bets; Extending attribution across time- survey results; Behind the scenes at TSG: Linda Burk; Puzzle time; Upcoming training and conferences

August
Multi-period Attribution confusion reigns;Book Review: The Math Book; No I didn’t invent money-weighted performance;
Clients’ Corner: Bernd Fischer, Ph.D.Puzzle time; Behind the scenes at TSG: Jaime Fowler Puerschner; Upcoming training and conferences.

July
Why rates of returns aren’t being given to prospective investors; In Memoriam; Does order dependence matter?; Puzzle time; Behind the scenes at TSG; Upcoming training and conferences.

June
Money manager runs afoul of the SEC; Hedging an internal rate of return; Puzzle time; Behind the scenes at TSG; Client’s corner: Bob Leaper; Upcoming training and conferences.

May
Annualized Standard Deviation; Puzzle Time; Behind the Scenes at TSG;
From our Readers;Client’s Corner: Mark Elliott; Event and Training Calendar

April

March

February

January

Archive 2013 – Performance Perspectives Newsletter

January 2013

  • A New Year: Time For Some Reflection
  • Taking A Lesson From Cervantes
  • Puzzle Time

February 2013

  • Challenges of Nested Attribution

March 2013

  • Significant Cashflows
  • Effective Dates of Q&As
  • Puzzle Time
  • The CIPM Designation: Beyond Performance and Risk Measurement

April 2013

  • My GIPS Wish List, Part I

  • Got News To Share?

  • Puzzle Time

May 2013

  • More On My GIPS Wish List

  • Feedback From A Client

  • TSG News

  • Puzzle Time

  • Late Breaking News

June 2013

  • GIPS 2015…NOT!

  • Reporting Guidelines

  • Puzzle Time

July 2013

  • Flopping Convention…Let’s Not Be Shy

  • It’s Survey Time Again…

  • Puzzle Time

August 2013

  • Ten Years of Performance Perspectives Close Out

  • Top Trends in Performance Measurement

  • Asset Owners or Plan Sponsors

  • Survey Time

  • Puzzle Time

  • Client’s Corner

September 2013

  • To Paraphrase Mark Twain, The Reports Of Performance Perspective’s Death Have Been Greatly Exaggerated

  • UAPS Is Moving Forward

  • Puzzle Time

  • Client’s Corner

October 2013

  • Error Correction: How To Define Materiality

  • Puzzle Time

  • Client’s Corner

November 2013

  • Mapping And The Art Of Attribution

  • Puzzle Time

  • From Our Readers

  • Client’s Corner

December 2013

  • Annualizing For Periods Bracketed By Days, Other Than Month Or Yearends

  • Performance Measurement Forum Hosts 60th Meeting

  • GIPS News

  • Puzzle Time

  • Client’s Corner

Archive 2012 – Performance Perspectives Newsletter

January 2012

  • More On Why Negative Sharpe Ratios May Make Sense

  • Trust: Is It All That It’s Cracked Up To Be?

February 2012

  • Deriving Composite Net-Of-Fee Returns

  • From Our Readers

April 2012

  • GIPS Portability

  • Why Don’t The Net Versus Gross Return Differences Not Equal The Fee?

May 2012

  • Is The World Getting Riskier?

  • GIPS Help Has Gotten Easier

  • GIPS Isn’t The Only Standard In Town…

June 2012

  • Why Security Level Attribution?

  • Investment Reporting Standards…Necessary, Or Not?

  • UAPS Moving Along

July 2012

  • Supplementing Your GIPS Presentation

  • Documenting Your Risk Measures

 

August 2012

  • Money Weighting Is Catching On!

  • Smoothing

September 2012

  • 10 Years Already?

  • Is The SEC Now Verifying The Verifiers?

  • The 3 C’s Of Performance Extended To Five

  • Puzzle Time

  • Fact of The Month

October 2012

  • Ranking The Ways To Present Performance

  • What Is Happening To GIPS Protocol And Tradition?

  • Puzzle Time

  • Fact Of The Month

November 2012

  • What’s A Reasonable Amount Of Dispersion?

  • Puzzle Time

December 2012

  • How About Those Spreadsheets?

Archive 2011 – Performance Perspectives Newsletter

January 2011

  • Best Practice…Defined…Or Perhaps, Not

  • From Our Readers

February 2011

  • 15th Anniversary Of JPM Is Worthy Of A Celebration

  • Common GIPS Mistakes & Misunderstandings

  • Animation Nation Has Arrived

March 2011

  • Transaction Vs. Holdings Based Attribution

  • One Size Doesn’t Fit All When it Comes To Performance Measurement

  • Dealing With Changes In Return Methods

  • Risk…Why Can’t We All Just Get Along

April 2011

  • One Size Doesn’t Fit All

  • Handling Fees Paid By Another Account Within The Family

  • Surveys That Will Take No More Than Five Minutes Of Your Time, But Provide Great Info!

  • The “PMAR Experience”

May 2011

  • Holdings Vs. Transaction-Based Attribution: Does It Really Matter?

  • Avoiding Presentations

  • Let’s Show Equal-Weighted Returns, Too!

June 2011

  • Client Reporting Standards…Necessary, Justified, Or What?

  • My Thoughts

July 2011

  • A Guidance Statement You Need To Care About

  • Why We Don’t Like Examinations

  • From Our Readers…

August 2011

  • Is It Acceptable To Net Same-Day Flows?

September 2011

  • An Unaddressed Fundamental Issue

  • What To Do?

October 2011

  • Five Ways You May Be Wasting Money In Performance Measurement

  • A Couple Other Money Wasters

November 2011

  • Understanding Why We Do What We Do

  • Who’s The Client?

December 2011

  • Going Out With A Bang!

  • Dealing With Zero Weights

  • Who’s The Client

  • Clients Or Customers…What Do We Have?

Archive 2010 – Performance Perspectives Newsletter

January 2010

  • GIPS 2010 Update

  • Risk Monitoring/Management

  • Error Correction…One More Time?

February 2010

  • GIPS 2010 Update

  • If It Looks Like A Duck, Walks Like A Duck, And Quacks Like A Duck…

March 2010

  • Performance Is So Easy, Anyone Can Do It

  • Early Adoption Of GIPS 2010

  • When Daily Is Too Often

April 2010

  • The CIPM Program

  • Automobile University

  • From Our Readers

May 2010

  • Money Weighting Is Taking Off…Slowly, But Definitely Heading To New Heights!

  • Start-Of-Day, End of Day

  • Not So Obvious…

  • From Our Readers

June 2010

  • Behold, I Have Prepared My Case. I Know That I Am In The Right

  • Liquidity Risk

July 2010

  • The Best At All Times Is Our Goal

  • It’s Time To Abandon The Aggregate Method For Composite Returns

  • A New Head Of The CIPM Program

August 2010

  • Using The Absolute Value In The Denominator For Modified Dietz

  • Negative Values Cause Other Issues For Us

  • From Our Readers

September 2010

  • Linking Shorts Has Gotten Easier

  • Negative Sharpe Ratios

  • From Our Readers

October 2010

  • The Changing World Of Notation

  • Being Comfortable Admitting One’s Ignorance

  • From Our Readers

November 2010

  • Returns On Employee Stock Purchases

  • From Our Readers

December 2010

  • Simply Not Getting It…Error Correction Guidance

  • Net Of Fee Returns…Frequency Of Applying The Fee

  • Hurdle Rates And Why You Shouldn’t Compound Them

  • From Our Readers

Archive 2009 – Performance Perspectives Newsletter

January 2009

  • Academic Vs. Practitioner Writing

  • (And Speaking Of Words) The Word Of The Day

  • And Now, Speaking Of The Standards

  • Attribution For Plan Sponsors, Fund-Of-Fund Managers

  • Blueprints And Road Maps Vs. Mine Fields

  • Book Of The Month

  • The Rest Of All Bull

  • Performance Measurement Conference In A Down Market

 

February 2009

  • The Five Things I Hate Most About GIPS 2010

  • Don’t Be So Negative

  • What’s Missing?

  • A Webinar Is Coming To A Theater (Computer Screen) Near You…

  • What Happens When The New Verifier Finds That The Old Verifier Didn’t Do Such A Good Job?

  • Further Information Is Available…

March 2009

  • Something That Needs To Be Clarified

  • Market Recovery

  • Books As A Metaphor

  • Negative Sharpes

  • Verification Fraud

  • Verifier’s Corner

  • The Loss Of A Performance Measurement Guru

April 2009

  • Cumulative Vs. Annualized

  • Madoff & The Beardstown Ladies

  • After After-Tax Is No More

  • Pardon Our Brevity

  • Verified, But Are You Really Compliant?

May 2009

  • Risk Is Back In Style

  • Past Specific Recommendations

  • VAR…Are You Convinced That It’s Voodoo Yet?

  • Performance Measurement For Pension Funds

  • Multi-Currency Attribution

June 2009

  • GIPS 2010

  • From Our Readers

July 2009

  • Single Account Composites

  • GIPS 2010…The People Have Spoken

  • Confusion Caused By Time-Weighting

  • Standard Deviation And Falling Off The Fence

August 2009

  • Four Months To Go, And Counting

  • To Template Or Not To Template

September 2009

  • GIPS Examinations: Are They Really Necessary?

  • We Comply Because…

  • Questioning Conventional Wisdom

  • Judgment And The Standards

  • GIPS 2010

October 2009

  • Getting A “Grip” On GIPS

  • From Our Readers

November 2009

  • CIPC Comments On Verifiers Lack Of “Fieldwork”

  • Sampling

  • Factor Vs. Decision Based Attribution

Archive 2008 – Performance Perspectives Newsletter

January 2008

  • UNSUPERVISED ASSETS…THERE’S MORE THAN MEETS THE EYES

  • BALANCED PORTFOLIOS…HOW TIMES CHANGE

  • ASSUMING IT’S RIGHT

  • ATTRIBUTION…ART OR SCIENCE?

  • CARVE-OUTS…WILL IT BE A PROBLEM?

February 2008

  • SOCIÉTÉ GÉNÉRALE – A WAKE UP CALL?

  • MONEY-WEIGHTED ATTRIBUTION

  • IRR STANDARDS WORKING GROUP

  • REPORTING RETURNS AT THE AGGREGATE LEVEL

March 2008

  • THE CONFUSING WORLD OF MODIFIED DIETZ

  • OUR NEXT BOOK PROJECT

  • LATE BREAKING NEWS

April 2008

  • AMSTERDAM EC MEETING

  • GETTING THE DATA CLEAN

  • UNSUPERVISED ASSETS (and the income that comes from them)

  • WHAT DO YOU SHOW IF THERE’S NOTHING TO SHOW

  • FROM OUR READERS

May 2008

  • THE END OF CARVE-OUTS?

  • IS VaR VOODOO?

  • THE BLACK SWAN

  • SO MANY MODELS…SO MUCH CONFUSION

June 2008

  • CARVE-OUTS…I’M SO CONFUSED

  • BRINSON FACHLER VS. BRINSON-HOOD-BEEBOWER

  • RISK MEASUREMENT CHALLENGES

July 2008

  • WHOSE RATIO IS IT?

  • ANNUALIZING STANDARD DEVIATIONS

  • FROM OUR READERS

August 2008

  • TREYNOR RATIO MYSTERY, SOLVED

  • WHAT ABOUT NEGATIVE SHARPE RATIOS?

  • ANNUALIZING STANDARD DEVIATIONS

  • VERIFIER INDEPENDENCE

  • A “WHITE PAPER”

September 2008

  • WHEN IS A PROSPECT A PROSPECT (FROM A GIPS PERSPECTIVE)

  • VERIFIER CORNER

  • MORE ON VERIFIER INDEPENDENCE

  • THANKS FROM FR. RAY

  • TSG NEWS

  • FROM OUR READERS

October 2008

  • CROSSING INTO UNCHARTERED TERRITORY

  • PERSPECTIVES

  • GLOBAL FIXED INCOME ATTRIBUTION: IS ONE CURVE ENOUGH?

  • VERIFIER’S CORNER

November 2008

  • GIPS 2010…SOME IDEAS GOOD, SOME NOT SO

  • SHOWING “STANDARD DEVIATION” ON A PRESENTATION… RISK MEASURE OR DISPERSION MEASURE?

  • EX ANTE RISK MODELS

  • VERIFIER CORNER

  • TSG NEWS

Archive 2007 – Performance Perspectives Newsletter

February 2007

  • GETTING TO KNOW M-SQUARED A BIT BETTER

  • PMAR V…SHAPING UP TO BE QUITE AN EVENT!

  • FROM OUR READERS…

March 2007

  • QUALITY OF VERIFICATIONS

  • VERIFYING THE VERIFIERS

April 2007

  • CLOSING A COMPOSITE…HOW TO?

  • VERIFICATION – MINIMUM TIME PERIOD

  • GEOMETRIC OR ARITHMETIC ATTRIBUTION…YOUR PREFERENCE?

  • COMMUNITY SERVICE IN NEW ORLEANS

May 2007

  • WHERE ARE THE ADVERTISING POLICE?

  • TIME-WEIGHTING OR MONEY-WEIGHTING? THE ANSWER: WHAT’S THE QUESTION?

  • SIGNIFICANT CASH FLOWS…AN EASY REQUIREMENT TO OVERLOOK

  • SHORT POSITIONS – KEEP THEM SHORT

  • FROM OUR READERS

June 2007

  • WILL IT NEVER END?

  • ARITHMETIC VS. GEOMETRIC ATTRIBUTION…SHEDDING SOME LIGHT ON A COMPLEX TOPIC

  • COMMENTS FROM A READER

July 2007

  • I OBJECT!

  • SPEAKING OF GIPS…

  • COMMENTS ON OUR JUNE NEWSLETTER

August 2007

  • MINDING THE (MONEY-WEIGHTED) GAPS

  • SEC COMPLIANCE LETTER

  • READERS RESPOND

October 2007

  • A QUANDARY? PERHAPS.

  • SEC COMPLIANCE ALERT

  • MY COMMENTS ON THE SEC’S STUDY

  • RISK MEASUREMENT

  • TERRA INCOGNITA

November 2007

  • VERIFIER INDEPENDENCE

  • TERMINATING COMPOSITES

  • COMMENTS FROM READERS

December 2007

  • ATTRIBUTION PRICE EFFECT

  • INTERACTION BLACK BOX

  • SIGNIFICANT VS. LARGE

  • THE CHEESE STANDS ALONE

  • A READER OFFERS AN ALTERNATIVE APPROACH FOR HANDLING MUTUAL FUNDS

Archive 2006 – Performance Perspectives Newsletter

January 2006

  • CGIPS™ CERTIFICATION

  • COMPOSITE STANDARD DEVIATION

  • COMPOSITE BENCHMARKS

  • WHERE’S MY FALL ISSUE?

February 2006

  • CGIPS™ SURPRISES

  • MIS-CLAIMS OF GIPS® COMPLIANCE

  • REVALUING PORTFOLIOS

  • COMMENTS FROM A READER

March 2006

  • GOOD NEWS & BAD NEWS

  • ADVERTISING COMPLIANCE

  • WHEN CLOSE IS GOOD ENOUGH

  • BOOK RECOMMENDATION

  • QUOTING FROM A BOOK ON FRENCH ART

  • CHINESE TRANSLATION IS ON ITS WAY!

April 2006

  • CGIPS…THE EXAM

  • COFFEE AND PERFORMANCE MEASUREMENT

  • GIPS…IS IT WORTH THE TIME AND MONEY?

  • CELEBRATE!

  • COPERNICUS, PTOLEMY, AND PERFORMANCE MEASUREMENT

May 2006

  • ANNUALIZING RETURNS

  • MONEY-WEIGHTED BENCHMARKS

June 2006

  • THE NAME GAME

  • AND SPEAKING OF CGIPS…

  • ANNUALIZING RETURNS (CONT’D)

  • SUBPORTFOLIO RETURNS

  • A FEW WORDS ON SHORTS

  • SOME PERSONAL REFLECTIONS

July 2006

  • DOES MODIFIED DIETZ REALLY WORK ON A DAILY BASIS?

  • IT’S ALL GREEK TO ME

  • THE NAME GAME

  • COMMENTS FROM READERS

  • CORRECTION…EXPANSIONS

August 2006

  • MORE ON INTERACTION

  • COMBINING INTERACTION SHIFTS THE CREDIT (OR BLAME)…A GOOD IDEA?

  • IT’S ALL GREEK TO ME

September 2006

  • OUR FOURTH YEAR!

  • DOLLAR-WEIGHTED RETURNS AND MORNINGSTAR

  • HOW TO BE OFFENSIVE, IN ONE SIMPLE LESSON

  • WHAT TO INCLUDE…WHAT NOT TO.

  • ANNUALIZING RETURNS – STANDARDS OR GUIDANCE TO FOLLOW

  • 9/11 TRIBUTE

October 2006

  • ATTRIBUTION ON INTERACTION

  • “YOU HAD ME AT ‘HELLO’”

  • FROM A READER

November 2006

  • WHEN ASSET-WEIGHTING WORKS (AND WHEN IT DOESN’T)

  • A QUESTION FROM A READER

  • A FACELIFT

December 2006

  • WHEN ASSET WEIGHTING WORKS (AND WHEN IT DOESN’T) (PART II – MONEY WEIGHTING)

  • WHAT IS THE QUESTION?

  • ABUSIVE GAP CROSSINGS & ANNUALIZING WHEN THERE IS A GAP

  • MORE WORK COMING!

  • FROM OUR READERS

  • CIPM (FORMERLY KNOWN AS CGIPS) RESULTS

Archive 2005 – Performance Perspectives Newsletter

January 2005

  • Attribution Survey

  • A Vote for Money-weighting

February 2005

  • A new version of the standards has arrived!
  • Following up on last month’s example

March 2005

  • MANDATORY VERIFICATION – WILL IT EVER END?

  • IS DAILY ATTRIBUTION NECESSARY?

  • PERFORMANCE SOFTWARE VENDORS IN THE NEWS

  • WHAT DOES “TRADE DATE” MEAN?

April 2005

  • MIND THE GAP

May 2005

  • MONEY-WEIGHTING AT THE SUB-PORTFOLIO LEVEL

  • MINDING THE GAP

June 2005

  • MORE ON MONEY-WEIGHTING

  • I PROMISED

  • DAVE’S BOOK CLUB

July 2005

  • TIMING OF CASH FLOWS – ON A DAILY BASIS

  • THE TIMES, THEY ARE A CHANGIN’

  • THE IRR – HANDLING THE ITERATIONS

August 2005

  • “BYE, BYE AIMR-PPS®, SAAJ, UK-IPS,…”

  • UNDERSTANDING THE STANDARDS’ PLACE IN THE UNIVERSE

  • ENGLISH, AN UNCOMMON LANGUAGE

  • DAVE’S BOOK CLUB

September 2005

  • 100 DAYS AND COUNTING

  • CGIPS PREPARATION CLASSES

October 2005

GIPS™ – IT’S COMING TO A THEATER NEAR YOU

December 2005

  • VERIFIER INDEPENDENCE

  • ANNUALIZATION OF ATTRIBUTION EFFECTS

  • BOOK OF THE MONTH

  • CLOSING OUT THE YEAR

Archive 2004 – Performance Perspectives Newsletter

January 2004

  • Gold GIPS – what you don’t know may hurt you!

  • Treatment of Large Cash Flows

  • A new publishing venture

February 2004

  • Can I get a witness?

  • Risk Management and Monitoring

  • Hedge funds and performance measurement

March 2004

  • IPC Meeting in Brussels

  • A new CVG

  • Leverage & Derivatives

  • Date changes for new standards

  • Reporting as well as presenting?

  • “Gold” GIPS is here!

April 2004

  • Commenting on “Gold” GIPS

  • Wrap Fee Accounts

  • Selecting a verifier

May 2004

  • What happened to AIMR?

  • A new attribution effect?

  • Certification of Investment Performance Professionals

  • It’s official

June 2004

  • Clarifying the differences

July 2004

  • What’s in a name?

  • A single global standard

  • New subcommittees

  • TSG Selected Again to Train for AIMR (CFAI)!

August 2004

  • Ending our first year!

  • Geometric Attribution and Interaction

  • More commentary on Modified Dietz

September 2004

  • The 3 Cs

  • IPC Meeting – Washington D.C.

  • Allow me a moment to reflect

  • 2005 – not to soon to start planning

October 2004

  • It’s a sweep!

  • 2005 – not to soon to start planning

November 2004

  • New Guidance Statements

  • Draft Guidance Statement – Verifier Independence

  • Draft Guidance Statement – Leverage & Derivatives

  • Common areas of confusion – the standards

  • Certification Program

December 2004

  • New Guidance Statements (continued)

  • Draft Guidance Statement – SMA/Wrap Fees

  • Draft Guidance Statement – Record Keeping

  • Draft Guidance Statement – Error Correction

  • Performance Attribution Survey

  • Internet Spam

  • Performance Attribution Survey

Archive 2003 – Performance Perspectives Newsletter

September 2003

  • The Presentation Standards

  • Gold GIPS

  • Leverage and Derivatives

October 2003

  • Software searches

  • Technology Survey

  • Fixed Income Attribution

  • The IPC

  • A little about politics

November 2003

  • Interaction explained (briefly)

  • Mandatory verification

December 2003

  • Is stock level attribution all it’s cracked up to be?

  • Pardon the interruption

  • Some clarity on carve-outs

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